It has been announced that the sale of the property Bally’s Atlantic City has completed to Bally’s Corporation, formerly Twin River Worldwide Holdings, from Caesars Entertainment, the largest casino-entertainment company in the United States and experiential real estate investment trust VICI Properties.
The previously disclosed sale of the property, a popular hotel and casino on the Boardwalk in Atlantic City, New Jersey, has now completed as expected for a fee of $25 million, seventy-five percent of which goes to VICI Properties and with Caesars Entertainment taking the remaining quarter.
According to reports, the purchase price of the casino hotel property was funded with ‘cash on hand’ and as part of the agreed deal, Bally’s Corporation will receive three sports betting skins and five iGaming skins in the state of New Jersey.
Skins will be sought via collaborations between the new property owner and Esports Entertainment Group and Sporttrade for sports betting skins and PointsBet and theScore for online casino gaming skins.
In addition, Bally’s Corporation has stated that it has made an agreement with sports betting giant FanDuel to run a retail betting location out of the new Bally’s Atlantic City, with a launch date imminent.
Reportedly, Bally’s Corporation aims to boost earnings and revenue from the acquisition and partnerships that followed the sale. Its newest property houses more than one-hundred casino gaming tables along with ove one-thousand slots games on the gaming floor whilst welcoming some 1200 guests in its hotel rooms.
President and Chief Executive Officer of Bally’s Corporation George Papanier commented on the firm’s acquisition and why the deal was made:
“We strongly believe in the potential of the Atlantic City market and are confident that we can restore Bally’s to its former glory.
We are pleased to close on this transaction, which represents the latest addition in our ongoing portfolio diversification strategy, and look forward to implementing our capital improvement plans to completely renovate the property with first-in-class amenities and offerings.
We have a proven track record of implementing strategic initiatives at acquired properties in order to drive growth and revenue improvements, and plan to bring the iconic property to a level not seen in years.”
Further to the updates on Bally’s Corporation’s latest casino industry activity, the company has also announced a decision to enter an acquisition deal of a United States sports betting platform provider by the name of Bet.Works, which currently provides operators in multiple states, including New Jersey, Iowa, Indiana and Colorado.
The deal is reportedly in the region of $125 million, subject to adjustments.
Chairman of Bally’s Corporation’s Board of Directors Soo Kim spoke about the corporation’s next move:
“This is the next step in our Company’s evolution. By combining our expanding national footprint of casinos, the recently acquired Bally’s brand, and Bet.Works’ proprietary technology stack, we have evolved in just a few short years from a regional casino operator into the first U.S. gaming company committed to serving our customers with an omni-channel approach, combining the best of our physical properties with a superior online experience.”